Pharmacist Net Worth 2020. Poll!

[PharmDminus]

I've been doing it before all these fancy apps.

you and i both

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[Dred Pirate]

That B!+$#!!!

so true! scary part is wife #1 made nearly double what wife #2 makes, and I have soooo much more free cash....

 

[Dred Pirate]

As DINKs (double income, no kids) we paid down debt and saved a lot. But honestly we've been living paycheck to paycheck since having a child. We max out retirement accounts and have 20-25k emergency savings, and have a bit in taxable brokerage, but after that we spend everything on childcare, diapers, toys, toddler clothes, furniture, 529, life insurance, home improvements, eating out, quality groceries (not organic but not the cheap stuff either) and stuff we don't need. I guess the older we get, the less we care about money.

I recently became obsessed with power tools. I'm not even handy but I like having them. Probably dropped around $2k this year on Ryobi and Ego tools.

I have gotten into the ryobi one line. I am not a "gun guy" - but after I got my nail gun I can kind of see the obsession - I just want to go out and nail crap together lol

 

[Dred Pirate]

Not including house equity, stocks+cash just broke past 2M for me. Single. 12 yrs in the work force. I gain roughly 215k in NW average every yr. I used to gain around 180-200k NW/yr working OTs but now I have way less OT, the investment is doing most of the grunt work. I have 2-3 days off every week. Forecasting 3M total NW in 2-4 yrs, it depends on where the market is going. My advantages are discipline investing, 0 student loan to start, and lower expenses than probably anyone in this board living in San Diego (15k/yr).

Aiming to find a sugar momma like msweph so I can stop working

this is the post that shows how important it is to save when you are young. Get some good money in the market and let it do the work vs busting your arse doing OT (and then spending more). I can't remember the exact number, but if you plan right, your retirement accounts will grow more from their earnings vs what you contribute at a much earlier age than one would normally predict.

 

[wagrxm2000]

this is the post that shows how important it is to save when you are young. Get some good money in the market and let it do the work vs busting your arse doing OT (and then spending more). I can't remember the exact number, but if you plan right, your retirement accounts will grow more from their earnings vs what you contribute at a much earlier age than one would normally predict.

Also helps that we've annualized around 13.5% with dividends in the S&P500 since 2010. I'm looking at MAYBE 5% over the next 10 years.

From 2000 to 2009 it was actually negative and from 2000 to 2019 it was only 6%

 

[Sine Cura]

I could see 5% across 10 years. Total inc not annualized

 

[wagrxm2000]

I could see 5% across 10 years. Total inc not annualized

Yeah I updated my post. It's never wise to respond right away to me, I almost always add/tinker my posts.

Flat would not surprise me at all either. Lost decade followed by huge gains then another lost decade.

Lost decades aren't bad though, they allow you to accumulate a huge nest egg that will then explode.

 

[WVUPharm2007]

I just want enough that I can buy some dividend funds and live off the dividends in perpetuity enjoying a middle class lifestyle. $2.5 mil and I'm done.

 

[mentos]

I have gotten into the ryobi one line. I am not a "gun guy" - but after I got my nail gun I can kind of see the obsession - I just want to go out and nail crap together lol

I got the 6 tool combo set (drill, impact, multi tool, reciprocating saw, circular saw, flashlight), impact wrench, pressure washer, hedge trimmer and combo high/low pressure inflator/deflator so far. So many good deals with the buy 2 4.0aH batteries get free tool sale. I want the bucket misting fan too but haven't seen it available anywhere.

The inflator is my favorite tool. I've been inflating everything I can find. Sports balls, kiddie pool, bouncy house, car and bike tires, stroller tires.

 

[Momus]

I got the 6 tool combo set (drill, impact, multi tool, reciprocating saw, circular saw, flashlight), impact wrench, pressure washer, hedge trimmer and combo high/low pressure inflator/deflator so far. So many good deals with the buy 2 4.0aH batteries get free tool sale. I want the bucket misting fan too but haven't seen it available anywhere.

The inflator is my favorite tool. I've been inflating everything I can find. Sports balls, kiddie pool, bouncy house, car and bike tires, stroller tires.

You can transition yourself to be a handyman and make $350 for 2 hours off work. There is a shortage of a good handyman.

 

[mentos]

You can transition yourself to be a handyman and make $350 for 2 hours off work. There is a shortage of a good handyman.

Not a bad idea. Even mowing lawns and picking up leaves is good money. Kids and teenagers don't do it anymore.

 

[TheBlaah]

Should taxes be accounted for money that's invested in stocks/real estate? I take off 25% off the profit to account for capital gains tax and other costs for when I sell them.

 

[wagrxm2000]

Should taxes be accounted for money that's invested in stocks/real estate? I take off 25% off the profit to account for capital gains tax and other costs for when I sell them.

Long term capital gains tax is your friend in retirement.

 

[lord999]

just shy of the magic 7 figures - will be there within 6 months

16 years experience, if it wasn't for ex wife I would be double lol

A divorce is definitely the most expensive decision a person makes.

My sugar momma carries me through, but I'm no slouch. We don't live anywhere as frugally as the rest of you with as we pay household worker taxes ($55k) on top of not bothering with economizing. A divorce would make me more well off considering the gap though I'm sure my wife's friends would give me a hard time.

 

[pezdispenser]

Should taxes be accounted for money that's invested in stocks/real estate? I take off 25% off the profit to account for capital gains tax and other costs for when I sell them.

I would keep taxes in mind, but not deduct them from any net worth figures. This is because you don't know what your tax rate will be, and also there are various ways to reduce your taxes. For example:
- Converting 401k to Roth when you're in a low tax bracket e.g. retired early with no salary.
- Backdoor Roth IRA $6k and mega backdoor Roth ~$30k are of course tax free.
- Long term capital gains tax rate is 0% under ~50k single/100k married, 15% over that. But don't forget about state income tax.
- 1031 exchange to avoid depreciation recapture and capital gains when you sell an investment property.

 

[zamir]

Graduated in 2016 and am sitting on the very low end of 0-250K lol but at least i'm in the green. Student loans are paid off. Learning about investing as I start saving more of my earnings. Hopefully i'll start seeing my wealth increase over time.

 

[lord999]

I was so proud on my first 100k. I thought I needed 500k then I'll be happy and can cut back on work. But nope... Then, 1M I thought it was hard, then 2M+ came. Now, I really don't have to kill it at work just coasting. The number will come, it's just a matter of time if you live below your means.

The Whiners Who Earn $200,000 and Complain They’re Broke

Many wealthy Americans insist they aren’t rich, and that has profound implications in electoral politics as well as economic policy.

newrepublic.com

It'll never be enough. Trust me, the way you live, it's an addiction to a lifestyle. Actually, it's not an addiction as it's not causing you harm, but it's a value set preference.

My general opinion is that if you are not in debt at all (no mortgage, no loans, no anything), you're doing just fine these days. If you have five multiples of your salary saved, you're doing great. 10, excellent. 20, outstanding.

It's amazing though that I live in a neighborhood where the average household is $600k/year and know that only about half the neighborhood has more than a $1M (2X income) in cash equivalent assets not counting their equity. Easy in, easy out, and that's not counting the divorces and alimonies involved. There's some households that spend fairly extraordinary amounts.

On proportion to income, which I think is a fairer comparison of strength of savings depth, we're about 6X combined and at least 6 years older than @Momus 's 10X (38 and 40) but are more than comfortable with our savings as we are not market participants (and definitely not going to start now). I do expect @Momus to hit 30X by the end of his career though as there is an acceleration effect involved as long as he can time the market outs. I don't think we'll hit 10X until our mid 40s and I do not expect that we will even hit 15X as we intend to slow down from there and just relax, but again, considering the differences involved as we're flatline and @Momus is exponential, but it's much more than adequate for our preferences. One of the secrets of our happy marriage is that neither of us does the cleaning or dumb chores and spend that time finding better paying work.

What we're excited for though is that the economic circumstances make good domestic help more accessible. I am seriously considering hiring a full-time valet to compliment our maid to handle the mundane household affairs as the majordomo. One family that I know is about to be ruined due to the economy has an outstanding valet which we made an offer that if they have to let him go to contact us for a match. So there are silver linings to downturns.

@Momus, are you going to ever pay into the Canadian system as a secondary, or do you intend to leverage that money for the EB-5 and become fully American? Or something in between considering the TN status?

 

[WVUPharm2007]

The Whiners Who Earn $200,000 and Complain They’re Broke

Many wealthy Americans insist they aren’t rich, and that has profound implications in electoral politics as well as economic policy.

newrepublic.com

It'll never be enough. Trust me, the way you live, it's an addiction to a lifestyle. Actually, it's not an addiction as it's not causing you harm, but it's a value set preference.

I disagree. I hit $2.5 mil and I'm done. Toss it into VYM and lay in the cut in perpetuity. I have no interest in living the rich man lifestyle. I just want to not be a wage slave anymore.

 

[aqb]

Graduated 2017, started working early 2018

Still got $250k in student loans
Saved up ~$105k for house down payment so far (150k goal)
Got 5k emergency fund (15k)
20k in Roth IRA
40k in 401k
20k from side hustle

After we hit our down payment goal gonna switch gears to bring that student debt down

 

[lord999]

I disagree. I hit $2.5 mil and I'm done. Toss it into VYM and lay in the cut in perpetuity. I have no interest in living the rich man lifestyle. I just want to not be a wage slave anymore.

Yeah, but you realize that's 15X ish too from your fundamentals. We're in the same boat, just different fundamental numbers. $2.6 M is more than enough for anyone to have a wonderful American life without worry.

Remember when this guy was a PARODY of rich man lifestyles? I'd love to have that laugh. Still is true for most people even myself with respect to work (although power is the only thing that's real in certain lines of work).

 

[Deja]

The Whiners Who Earn $200,000 and Complain They’re Broke

Many wealthy Americans insist they aren’t rich, and that has profound implications in electoral politics as well as economic policy.

newrepublic.com

It'll never be enough. Trust me, the way you live, it's an addiction to a lifestyle. Actually, it's not an addiction as it's not causing you harm, but it's a value set preference.

My general opinion is that if you are not in debt at all (no mortgage, no loans, no anything), you're doing just fine these days. If you have five multiples of your salary saved, you're doing great. 10, excellent. 20, outstanding.

It's amazing though that I live in a neighborhood where the average household is $600k/year and know that only about half the neighborhood has more than a $1M (2X income) in cash equivalent assets not counting their equity. Easy in, easy out, and that's not counting the divorces and alimonies involved. There's some households that spend fairly extraordinary amounts.

On proportion to income, which I think is a fairer comparison of strength of savings depth, we're about 6X combined and at least 6 years older than @Momus 's 10X (38 and 40) but are more than comfortable with our savings as we are not market participants (and definitely not going to start now). I do expect @Momus to hit 30X by the end of his career though as there is an acceleration effect involved as long as he can time the market outs. I don't think we'll hit 10X until our mid 40s and I do not expect that we will even hit 15X as we intend to slow down from there and just relax, but again, considering the differences involved as we're flatline and @Momus is exponential, but it's much more than adequate for our preferences. One of the secrets of our happy marriage is that neither of us does the cleaning or dumb chores and spend that time finding better paying work.

What we're excited for though is that the economic circumstances make good domestic help more accessible. I am seriously considering hiring a full-time valet to compliment our maid to handle the mundane household affairs as the majordomo. One family that I know is about to be ruined due to the economy has an outstanding valet which we made an offer that if they have to let him go to contact us for a match. So there are silver linings to downturns.

@Momus, are you going to ever pay into the Canadian system as a secondary, or do you intend to leverage that money for the EB-5 and become fully American? Or something in between considering the TN status?

wait you are in your early 40s? I thought you were at least 50 years old this whole time lol

 

[PharmDminus]

I disagree. I hit $2.5 mil and I'm done. Toss it into VYM and lay in the cut in perpetuity. I have no interest in living the rich man lifestyle. I just want to not be a wage slave anymore.

some of the dividend guys on the FIRE thread on Reddit create their own dividend index fund. With no trading fees the norm, i might do the same. Pick 100 to 200 companies i like and call it a day. VYM will hold known losers, like Walgreens for example, that have zero room for growth and will almost inevitably have to cut their dividend. I will take Walmart over Walgreens all day long.

 

[wagrxm2000]

Graduated 2017, started working early 2018

Still got $250k in student loans
Saved up ~$105k for house down payment so far (150k goal)
Got 5k emergency fund (15k)
20k in Roth IRA
40k in 401k
20k from side hustle

After we hit our down payment goal gonna switch gears to bring that student debt down

Edit: ignore my math issues

 

[aqb]

Why do you need a 3 million dollar home (assuming 20% down)

Or does California really suck that bad?

150k 20% down = 750k 2000-2700sqft home depending on the area.

Where’d you get 3mil from?

 

[TateThePharmacist]

150k 20% down = 750k 2000-2700sqft home depending on the area.

Where’d you get 3mil from?

You realize we qualify for Doctor loans right? I mean, we are the Doctors to the Doctors. It doesn't require any kind of down payment and you still don't have to pay mortgage insurance. (you'll still have taxes, home owners insurance but those will be the same amount even if you put down 20%) You'll have a higher monthly payment, but that's just due to starting with a higher principle.

 

[WVUPharm2007]

150k 20% down = 750k 2000-2700sqft home depending on the area.

Where’d you get 3mil from?

Damn. I'm in my 2100 Sq ft house that only cost $247,000.

 

[Chrish]

How do you take cost of living into account? When I see on Zillow, you can’t find 3 bed room 2500 sq feet home in Seattle, Boston or most parts of Cali for less than 1 million dollar. How do people living over there can possibly save after paying mortgage? Unless you are making at least $70 an hour, being a pharmacist in these areas would barley make ends meet. It’s really insane.

 

[wagrxm2000]

150k 20% down = 750k 2000-2700sqft home depending on the area.

Where’d you get 3mil from?

Hey I'm getting old, but that was pretty bad. Had 20 on my mind.

 

[DH1987]

Graduated 2016, started work immediately - paid off my $180k student loan debt in Feb 2020. Got a very comfortable amount of money saved up in my checking account and $15k in the 401k. All I owe is $12k on my car with 0.9% interest, which doesn't even grow as fast as inflation. The only downside is, I'm 33 years old so I'm still a little behind where I should be.

If all goes well, I should be able to achieve FU money in my 40s. And hope I'm still in good health as well.

I also don't give a sh** about the rich man lifestyle like someone else said. It's far more important to me to be able to live without having to worry about bills and on my own terms.

 

[lord999]

wait you are in your early 40s? I thought you were at least 50 years old this whole time lol

Nope, and I'm not 40 yet, I married someone more seasoned. I do have an old soul as I started in the business at 12 for pay and 10 without pay.

 

[aqb]

You realize we qualify for Doctor loans right? I mean, we are the Doctors to the Doctors. It doesn't require any kind of down payment and you still don't have to pay mortgage insurance. (you'll still have taxes, home owners insurance but those will be the same amount even if you put down 20%)

Had no clue. My wife is a teacher so they have a similar benefit but it's only available in certain areas. We'll probably still save up for the time being and let the effects of everything happening right now play out in the next year or so and roll with the punches from there. A lot of people moving out of CA, but just as much moving in it seems so not sure how much the housing market is going to change.

How do you take cost of living into account? When I see on Zillow, you can’t find 3 bed room 2500 sq feet home in Seattle, Boston or most parts of Cali for less than 1 million dollar. How do people living over there can possibly save after paying mortgage? Unless you are making at least $70 an hour, being a pharmacist in these areas would barley make ends meet. It’s really insane.

Yea, my wife and I live pretty frugally -- still driving cars from mid to early 00s, watch how much we eat out, etc. -- and save a lot. I honestly don't know how some of my techs still live here. There's way more opportunity for comfortable living elsewhere in the country.

 

[TateThePharmacist]

Had no clue. My wife is a teacher so they have a similar benefit but it's only available in certain areas. We'll probably still save up for the time being and let the effects of everything happening right now play out in the next year or so and roll with the punches from there. A lot of people moving out of CA, but just as much moving in it seems so not sure how much the housing market is going to change.

Yeah definitely research into it and see if it works for your finances. There's so many options for mortgages that many people don't know about.
But yeah, I agree. I really don't think the housing market is stable but I don't see when it'll crash either. The banks got bailed out for coronavirus so even if there are massive foreclosures, the banks can hold on to those foreclosures until they're able to sell since they got billions in the bailout (although I realize too that banks are only allowed to foreclose on so many loans each year too).

 

[Deja]

Nope, and I'm not 40 yet, I married someone more seasoned. I do have an old soul as I started in the business at 12 for pay and 10 without pay.

why the hell do I remember you telling stories of you in pharmacy school back in the day as you told it like it was in the 80s lol

 

[lord999]

why the hell do I remember you telling stories of you in pharmacy school back in the day as you told it like it was in the 80s lol

Because I was a child back then but had some child care moments in alumni dinners. Most of my family are Temple and Pitt graduates, so most of the late 70s-early 80s stories come from them. Most of the 60-70s stories came from some of the old preceptors and also some digging I did due to having to fix a problem during my early years. I probably have one of the stronger institutional memories for pharmacy. I only half joke that I have over 30 years of pharmacy experience. I actively have 26 and 16 of those was as a pharmacist.

 

[Swishers]

How'd you go from 206 to 360k in 6 months?

Stocks/crypto rebounding or growing, company retirement stock, and my regular work savings. I won't be surprised if I lose a big chunk of my gains by EOY though.

 

[mentos]

You realize we qualify for Doctor loans right? I mean, we are the Doctors to the Doctors. It doesn't require any kind of down payment and you still don't have to pay mortgage insurance. (you'll still have taxes, home owners insurance but those will be the same amount even if you put down 20%) You'll have a higher monthly payment, but that's just due to starting with a higher principle.

I never knew that, not that I'd buy a home without 20% down anyway. So a new pharmD with 200k student loans can get a loan for 1million at 3%?

 

[wagrxm2000]

Stocks/crypto rebounding or growing, company retirement stock, and my regular work savings. I won't be surprised if I lose a big chunk of my gains by EOY though.

You were cash in the beginning of the year then bought during the decline?

 

[TateThePharmacist]

I never knew that, not that I'd buy a home without 20% down anyway. So a new pharmD with 200k student loans can get a loan for 1million at 3%?

They still evaluate your income vs debt to decide how much you qualify for, so I doubt on a pharmacist salary alone someone could qualify for that. But yeah as long as a new grad has a contract/a month or two of pay stubs to show what their income will be they'll qualify for a doctor loan (not all loaning institutions that offer doctor loans give doctor loans to pharmacists, but it seemed like a little over half do). And when I looked into it, there were 7 year, 15 year and 30 year mortgage options (the 7 year was some type of ARM loan). I ended up not purchasing since it just didn't seem like the right financial move for my current situation. But I'd definitely recommend everyone on this forum look into them just to get rid of mortgage insurance if you don't own 20% of the value of your home (don't forget that an increase in home value since you bought counts as equity in that equation when refinancing).

 

[Swishers]

You were cash in the beginning of the year then bought during the decline?

I spent close to $15k on stocks during the big decline in March. This is from my Etrade account.

I'm still holding on to everything except CTSO and MGEN.

 

[radio frequency]

Damn. I'm in my 2100 Sq ft house that only cost $247,000.

Samesies over here. A slight bit bigger and $3k lower in cost. It will never appreciate like an expensive box in a desirable coastal area though.

 

[lane one]

They still evaluate your income vs debt to decide how much you qualify for, so I doubt on a pharmacist salary alone someone could qualify for that. But yeah as long as a new grad has a contract/a month or two of pay stubs to show what their income will be they'll qualify for a doctor loan (not all loaning institutions that offer doctor loans give doctor loans to pharmacists, but it seemed like a little over half do). And when I looked into it, there were 7 year, 15 year and 30 year mortgage options (the 7 year was some type of ARM loan). I ended up not purchasing since it just didn't seem like the right financial move for my current situation. But I'd definitely recommend everyone on this forum look into them just to get rid of mortgage insurance if you don't own 20% of the value of your home (don't forget that an increase in home value since you bought counts as equity in that equation when refinancing).

Are the rates competitive? I was under the impression that doctor loans typically feature higher interest rates. Might be a trade-off you're willing to accept if you have no proof income and high debt burden. But for an otherwise well qualified pharmacist with years of income history and solid credit, I thought conventional loans would net a lower interest rate. PMI vs. interest rate...I'll take the lower rate since the PMI doesn't apply to the entire life of the loan.

 

[meltyblend]

Damn. 270k is massively impressive for 4 years out?! I'm at that number at 9 years out. Do you get a really high match?

It's a combination of living at home and maxing out my 401k yearly (company matches 5% of paycheck). After paying off my student debt (84k) and car loan (24k), I try to save a much as possible. I've been planning for retirement pretty much the moment I became a pharmacist. It also helps that I'm not much of a spender. Other than a vacation once or twice a year, my spending is pretty contained.

 

[Momus]

What we're excited for though is that the economic circumstances make good domestic help more accessible. I am seriously considering hiring a full-time valet to compliment our maid to handle the mundane household affairs as the majordomo. One family that I know is about to be ruined due to the economy has an outstanding valet which we made an offer that if they have to let him go to contact us for a match. So there are silver linings to downturns.

@Momus, are you going to ever pay into the Canadian system as a secondary, or do you intend to leverage that money for the EB-5 and become fully American? Or something in between considering the TN status?

Back where I come from (SE Asia), Maid/FT driver costs $300/mo. Here, it's probably 40-50k/yr. Yeah, I ain't rich enough to get one

I am a green card holder. I am not sure if I will ever be a US citizen. I am eligible to apply to be a US citizen now but my country does not allow dual citizenship. One must pick one or the other. Foreigners in my country aren't allowed to own land/properties. It means if my parents died and I were a US citizen, I couldn't own the properties they pass onto me. That could be worth a couple mil on its own. There is no benefit in getting US citizenship unless I want to vote and I couldn't care less about voting.

 

[lord999]

Back where I come from (SE Asia), Maid/FT driver costs $300/mo. Here, it's probably 40-50k/yr. Yeah, I ain't rich enough to get one

I am a green card holder. I am not sure if I will ever be a US citizen. I am eligible to apply to be a US citizen now but my country does not allow dual citizenship. One must pick one or the other. Foreigners in my country aren't allowed to own land/properties. It means if my parents died and I were a US citizen, I couldn't own the properties they pass onto me. That could be worth a couple mil on its own. There is no benefit in getting US citizenship unless I want to vote and I couldn't care less about voting.

You realize that is what shell companies are for? All the countries in ASEAN permit proxy ownership. The one oddball is Malaysia which does not, but allows dual citizenship. And yes, if you're wondering, we looked into the matter. You cannot be a straight freeholder, but you can definitely proxy own which is more or less the same outside of needing to set up the escrow relationship. If you have anywhere near the kind of money, it's not hard to hire one of the major law firms to set that up for the multinational Momus Enterprises set up in Bermuda or the Isle of Man who can be a freeholder in the country. It'd be a $20k job, but worth it if you want citizenship but still want to retain property. As long as you are a citizen of that country when you start the company, that's really straightforward to deal with as an international transfer and escrow relationship.

 

[mentos]

Damn. I'm in my 2100 Sq ft house that only cost $247,000.

Jealous. My house is the same size but 3x the cost.

 

[wagrxm2000]

Jealous. My house is the same size but 3x the cost.

It's that good old Midwestern living.

Much rather retire early then live in those expensive areas.

I settled down early though so I can see the appeal. Will end up moving somewhere nice when I retire though

 

[mentos]

It's that good old Midwestern living.

Much rather retire early then live in those expensive areas.

I settled down early though so I can see the appeal. Will end up moving somewhere nice when I retire though

WVU lives near Schrute Farms outside of Scranton PA.

 

[wagrxm2000]

WVU lives near Schrute Farms outside of Scranton PA.

Just as much going on out there I assume.

I figure I have 20 years with the kids here then when they are gone we can go wherever we want.

 

[WVUPharm2007]

WVU lives near Schrute Farms outside of Scranton PA.

I live in Montco. Center City Philly is like 45-50 min away. NYC in about 1hr 45 min. King of Prussia (biggest mall in US by retail shopping space) is 20 minutes away.

Scranton is like 2 hours North of me. Nowhere near Scranton.

 

[Alexis_pharmD]

net worth little bit over 1M. counting our paid house (around 470k). spouse is a pharmacist as well. we turned 33 this year. only one 3 year old kid.